NU Online News Service, Sept. 9, 3:00 p.m. EDT
Two executives of a now liquidated Miami-based insurance company have been arrested and charged with filing false or misleading financial statements, said the Division of Insurance Fraud.
Luis M. Espinoza, former president and chief financial officer of First Commercial Insurance Company (FCIC), and Rene M. Cambert, former vice president and chief operating officer of the company, were charged with eight first-degree felony counts.
The former executives signed false financial statements--which were submitted to the Office of Insurance Regulation--that misrepresented the company's assets and surplus.
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